Sales also increased in Venezuela, Argentina and Ecuador. MDF sales rose $29.2 million (+20.3%) due to higher sales in Venezuela, Brazil, Argentina, United States and Mexico. Sales of other products grew 34.1% and amounted to $34.4 million, largely driven by higher MDF molding exports to the United States and greater resin sales in Mexico. MASISA’s consolidated sales cost was $307 million against $264.5 million in 2Q 2012, explained by sales increases.
Gross revenue was $114.6 million, a 60.5% year-on-year increase, because of better margins, due to higher sales and costs efficiencies. The gross revenue to sales ratio rose from 21.3% to 27.2%.
The consolidated EBITDA surged 50.1% and amounted to $88.3 million in 2Q 2013. EBITDA increased in Venezuela, Brazil and Mexico. While EBITDA in Chile & Argentina remained fairly stable.
In the 2Q 2013, Chile, Brazil, Mexico, Argentina and other countries where Masisa maintains business operations accounted for 49.9% of the total EBITDA, showing an increase of 5.7%. Meanwhile, Venezuela EBITDA represented 50.1% of the total.
Profits attributable to the controller’s owners (previously called net income) were $3.8 million against $17.2 million in the same period in 2012. Regarding operating activities, gross revenue reached $43.2 million, due to higher sales revenues, margins and higher operating income.
Net income after minority interest was $3.8 million in the 2Q. This decrease was despite higher gross revenue (+60.5%) and higher operating income, and was due to greater income tax and losses from exchange rate differences and price-level restatement, mainly because of the devaluation of currencies in Chile, Brazil, Argentina and Venezuela, and higher price-level restatement in Venezuela due to an increase in inflation.
MASISA CEO Roberto Salas commented: “This has been a quarter of major decisions, such as the announcement of a 2015 investment plan of $600 million, that includes the construction of a new MDF plant in Mexico with a 200,000 cubic metres board production capacity and coating capacity of 100,000 cubic metres. Additionally, we recorded a significant growth in operating income (EBITDA), led by Venezuela, Brazil and Mexico. On the non-operating results, we will work in the coming months to mitigate the impacts of devaluations in most markets and high inflation in Venezuela. "
MASISA is a leading company in the production and marketing of value-added wood boards (MDF and MDP/PB) in Latin America.